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Draft Resolution 1.2
Committee: The Economic and Social Council
Topic: The Reform of International Monetary System
Sponsors: UK, France, Germany, Australia
Signatories: China, Brazil
The Economic and Social Council,
Due to a liquidity shortfall in the United States banking system, the financial crisis of 2007-2010 contributed to the failure of key businesses, declines in consumer wealth, substantial financial commitments incurred by governments, and a significant decline in economic activity. Both market-based and regulatory solutions have been implemented or are under consideration, while significant risks remain for the world economy over the 2010–2011 periods. The members of ECOSOC committees have worked together with urgency and determination to translate their agreement into action. In April, 2009, a prudent statement delivered in London Summit comprises of such practices and plans as restoring growth and jobs, strengthening financial supervision and regulation and global financial institutions, ensuring a fair and sustainable recovery for all and so forth. At the meantime, IMF received an additional $850 billion of resources to support growth in emerging market and developing countries. The Seoul Summit in 2010, deepening the consensus of the London Summit, has emphasized the significance of considering development as a long-term topic in G20 and of international cooperation.
In order to restore the economic growth and rebuild trust, however, we shall focus on the reform of international monetary system. Firstly, financial regulation and supervision are major concerns of the new monetary system; booming the economy, meanwhile, is the problem we now confronting with; and mulitiplorization of currency becomes the trend in international monetary system. This draft resolution aims at bettering international monetary system through three fundamental ways. To that end we claim the f
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